Thu, Aug 22, 9:28 PM (145 days ago)
Wally World Media, Inc. filed an amended Form 10-Q for the quarter ended June 30, 2024, correcting prior omissions regarding the independent review of its financial statements. The company reported no revenue and continued to incur operating losses, with net losses of $8,289 for the quarter and $30,124 for the nine months ending June 30, 2024, compared to $6,990 and $25,527 for the same periods in 2023. Total liabilities increased to $121,429, primarily due to advances from related parties. The company has no cash on hand and an accumulated deficit of $15,860,291, raising substantial doubt about its ability to continue as a going concern without additional financing. Management is exploring funding options, primarily relying on the CEO's interest-free loans. The company remains in a development stage with no current operations and plans to identify potential acquisition opportunities. Risks include reliance on management for funding and the potential for significant dilution from future capital raises. Internal controls were deemed ineffective due to limited resources and lack of an independent board.